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Closing

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ztheist Joined: 25 May 2011 Posts: 4 2.12 Dollars($)	Posted: Wed May 25, 2011 9:38 am    Post subject: Closing Like 0 Dislike 0 If I were to back out of aclosing on a refi (Florida) Am I liable for any fees or charges of any kind other than appraisal fees?
chrisgummerson Community Expert Joined: 29 Apr 2010 Posts: 704 Location: La Palma, CA 9.98 Dollars($)	Posted: Wed May 25, 2011 9:45 am    Post subject: Like 0 Dislike 0 No. There are no penalties to cancel a loan, prior to signing loan documents. Even if you did sign loan docs, most states have a 3 day right of rescission. _________________ Chris Gummerson Bay Valley Mortgage Group bayvalleymortgage.com 714-367-5125
ztheist Joined: 25 May 2011 Posts: 4 2.12 Dollars($)	Posted: Wed May 25, 2011 9:58 am    Post subject: Closing Like 0 Dislike 0 Thanks Chris do you or any one else knows whether Florida has the 3 day right of rescission? Are these business days? Thanks
chrisgummerson Community Expert Joined: 29 Apr 2010 Posts: 704 Location: La Palma, CA 9.98 Dollars($)	Posted: Wed May 25, 2011 10:39 am    Post subject: Like 0 Dislike 0 I know that Florida is a wet state, meaning loans fund at the table when purchasing RE. I searched for you but could not find anything concrete. If you are worried, if you look in you loan docs, you will see a notice: notice to cancel. Or you can contact a title or escrow company in your area and they can tell you for sure. Everyday except Sun and holidays count on 3 days. _________________ Chris Gummerson Bay Valley Mortgage Group bayvalleymortgage.com 714-367-5125
smithsussane Joined: 18 Sep 2008 Posts: 10439 Location: Alaska 985.83 Dollars($)	Posted: Wed May 25, 2011 9:23 pm    Post subject: Like 0 Dislike 0 Hi ztheist! Welcome to forums! Before you close your loan, you will have the rights to cancel the deal without any penalties. As far as I know, once the deal is closed, you will get a 3 business-days time period to cancel the deal. If you cancel the deal within that time period, then you won't be liable for any penalties. However, if you cancel the deal after that time period, you will be liable for paying penalties. Feel free to ask if you've further queries. Sussane
gmakerley Community Mentor Joined: 09 Nov 2007 Posts: 12376 Location: bloomfield, ct 58.49 Dollars($)	Posted: Fri May 27, 2011 12:00 pm    Post subject: Like 0 Dislike 0 Rescission is a federal law. Any refinance transaction affords the borrower a right to cancel. In so doing, a borrower is to receive a refund of all funds expended from the lender. _________________ George M. Akerley Mortgage Underwriter/Consultant Word of Excellence- Writing/Editing/Proofreading 860-221-5044

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